Zhengye Biotechnology Holding Limited Announces Fiscal Year 2025 Financial Results
Rhea-AI Summary
Zhengye Biotechnology (Nasdaq: ZYBT) reported fiscal 2025 results for year ended December 31, 2025. Total revenue was RMB116.4 million (US$16.6 million), down 37.6% from 2024. Net loss was RMB83.0 million (US$11.9 million) versus 2024 net income of RMB13.5 million. Gross profit fell to RMB23.9 million (20.5% margin). The company ended the year with cash of RMB50.3 million and reported regulatory milestones including two National Category I and one National Category III new veterinary drug approvals.
Positive
- Cash position strengthened to RMB50.3 million at December 31, 2025
- Regulatory approvals: 2 National Category I and 1 National Category III new veterinary drugs
- Other vaccines revenue rose to RMB13.7 million, reflecting growth in sheep vaccines
Negative
- Total revenue declined 37.6% to RMB116.4 million in 2025
- Net loss of RMB83.0 million in 2025 versus net income RMB13.5 million in 2024
- Gross profit margin compressed to 20.5% from 49.0% year-over-year
News Market Reaction – ZYBT
In the Apr 29 session, ZYBT declined 5.69%, reflecting a notable negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
Key Figures
Previous Earnings Reports
| Date | Event | Sentiment | 24h Move | Catalyst |
|---|---|---|---|---|
| Jul 03 | Annual earnings | Negative | +2.2% | Reported 2024 revenue and income declines alongside strategic R&D and IPO progress. |
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
On the prior earnings release, weak fundamentals coincided with a positive price reaction, indicating a tendency for divergence between earnings quality and immediate price moves.
Recent history for Zhengye centers on annual results and strategic repositioning. In fiscal 2024, net revenue declined 12% to RMB186.4 million and net income fell to RMB13.5 million, yet the stock rose 2.2% post-release. The company emphasized R&D, securing Category I veterinary drug certificates, progressing into pet vaccines, and completing a Nasdaq IPO raising $6.9 million. Today’s fiscal 2025 release extends that narrative, with sharper declines in revenue and profitability but continued R&D and international expansion efforts.
AI-generated analysis. How Rhea-AI works. Not financial advice.
Mr. Songlin Song, co-chief executive officer of Zhengye, remarked, "Fiscal year 2025 was a year of resilience for Zhengye. While the broader hog market experienced low and volatile price fluctuations and government macro-control policies contributed to near-term pressure on swine vaccine demand, we remained focused on executing our strategy and driving long-term value creation. We are encouraged by the continued growth in our other vaccines segment, particularly vaccines for sheep, which contributed to improving our revenue mix. On the international front, we made progress in advancing vaccine registrations in certain overseas markets, including
"We continued to prioritize research and development as a core driver of our future growth. In 2025, we achieved several regulatory milestones, including the approval of two National Category I New Veterinary Drugs and one National Category III New Veterinary Drug from the Ministry of Agriculture and Rural Affairs. We also secured new product approvals across multiple animal species, including swine, poultry, cattle, and sheep, further broadening our commercial offerings. We believe these achievements reflect our ongoing innovation efforts and support our long-term growth strategy."
Mr. Aiden Han, co-chief executive officer of Zhengye, added, "With our Nasdaq listing, we further strengthened our capital base and financial position, providing a foundation to support our strategic priorities. We ended the year with a stronger cash position of
"Looking ahead, we are encouraged by early signs of a gradual recovery in
Fiscal Year 2025 Financial Summary
- Net revenue was
RMB116.4 million (US ) in the fiscal year ended December 31, 2025, compared to$16.6 million RMB186.4 million in the fiscal year ended December 31, 2024. - Gross profit was
RMB23.9 million (US ) in the fiscal year ended December 31, 2025, compared to$3.4 million RMB91.3 million in the fiscal year ended December 31, 2024. - Gross profit margin was
20.5% in the fiscal year ended December 31, 2025, compared to49.0% in the fiscal year ended December 31, 2024. - Total operating expenses were
RMB94.4 million (US ) in the fiscal year ended December 31, 2025, compared to$13.5 million RMB74.9 million in the fiscal year ended December 31, 2024. - Net loss was
RMB83.0 million (US ) in the fiscal year ended December 31, 2025, compared to net income of$11.9 million RMB13.5 million in the fiscal year ended December 31, 2024. - Basic and diluted loss per share was
RMB1.47 (US ) in the fiscal year ended December 31, 2025, compared to basic and diluted earnings per share of$0.21 RMB0.25 in the fiscal year ended December 31, 2024.
Fiscal Year 2025 Financial Results
Net Revenue
Net revenue was
For the years ended December 31, | ||||||||||
2024 | 2025 | |||||||||
(in thousands, except for percentages) | ||||||||||
Revenue | RMB | % | RMB | US$ | % | |||||
Swine vaccines | 157,789 | 84.7 | 90,143 | 12,890 | 77.5 | |||||
Poultry vaccines | 15,506 | 8.3 | 12,480 | 1,785 | 10.7 | |||||
Other vaccines | 13,061 | 7.0 | 13,739 | 1,964 | 11.8 | |||||
Total revenue | 186,356 | 100 | 116,362 | 16,639 | 100 | |||||
- Revenue from sales of swine vaccines was
RMB90.1 million (US ) in the fiscal year ended December 31, 2025, decreased from$12.9 million RMB157.8 million in the fiscal year ended December 31, 2024. This decrease was primarily driven by a downturn in the hog market in 2025, characterized by low and volatile prices. Additionally, government macro-control policies aimed at reducing the inventory of productive sows to alleviate periodic oversupply contributed to the reduced demand for swine vaccines. - Revenue from sales of poultry vaccines was
RMB12.5 million (US ) in the fiscal year ended December 31, 2025, decreased from$1.8 million RMB15.5 million in the fiscal year ended December 31, 2024. The decrease was primarily due to normal market fluctuations. - Revenue from sales of other vaccines was
RMB13.7 million (US ) in the fiscal year ended December 31, 2025, increased from$2.0 million RMB13.1 million in the fiscal year ended December 31, 2024. The increase in sales of other vaccines was caused by the increased sales of the vaccines for sheep.
Cost of Revenue
Cost of revenue was
Gross Profit
Gross profit was
Gross profit margin was
Operating Expenses
Total operating expenses were
- Sales and marketing expenses were
RMB43.9 million (US ) in the fiscal year ended December 31, 2025, increased from$6.3 million RMB41.3 million in the fiscal year ended December 31, 2024. The increase in sales and marketing expenses was primarily due to higher payroll for sales staffs, and increased advertising expenses and entertainment, partially offset by a decrease in marketing promotion expenses. - General and administrative expenses were
RMB31.0 million (US ) in the fiscal year ended December 31, 2025, increased from$4.4 million RMB22.6 million in the fiscal year ended December 31, 2024. The increase in general and administrative expenses was attributed to the increase in professional technical services and in depreciation and amortization. - Research and development expenses were
RMB18.0 million (US ) in the fiscal year ended December 31, 2025, increased from$2.6 million RMB12.8 million in the fiscal year ended December 31, 2024. The increase in research and development expenses mainly resulted from an increase in research and development projects, which led to an increase in materials.
Net Income (Loss)
Net loss was
Basic and Diluted Earnings (Loss) per Share
Basic and diluted loss per share was
Financial Condition
As of December 31, 2025, the Company had cash of
Net cash provided by operating activities was
Net cash used in investing activities was
Net cash provided by financing activities was
Exchange Rate Information
This announcement contains translations of certain foreign currency amounts into
About Zhengye Biotechnology Holding Limited
Through Jilin Zhengye Biological Products Co., Ltd., the Company's operating entity based in
Forward-Looking Statements
This announcement contains statements that may constitute "forward-looking" statements which are made pursuant to the "safe harbor" provisions of the
For more information, please contact:
Zhengye Biotechnology Holding Limited
Investor Relations Department
Email: ir@jlzybio.com
Ascent Investor Relations LLC
Tina Xiao
Phone: +1-646-932-7242
Email: investors@ascent-ir.com
ZHENGYE BIOTECHNOLOGY HOLDING LIMITED | ||||||||||||
CONSOLIDATED BALANCE SHEETS | ||||||||||||
(Amounts in thousands of RMB and US$, except for number of shares) | ||||||||||||
As of December 31, | ||||||||||||
2024 | 2025 | |||||||||||
RMB | RMB | US$ | ||||||||||
ASSETS | ||||||||||||
Current assets: | ||||||||||||
Cash | 18,604 | 50,332 | 7,197 | |||||||||
Restricted cash | 2 | 2 | - | |||||||||
Short-term investments | 1,433 | 1,560 | 223 | |||||||||
Notes receivable, net | 25,592 | - | - | |||||||||
Accounts receivable, net | 59,563 | 18,485 | 2,643 | |||||||||
Advance to suppliers | 10,788 | 2,208 | 316 | |||||||||
Inventories, net | 58,220 | 39,166 | 5,601 | |||||||||
Prepayments and other current assets, net | 2,626 | 25,667 | 3,670 | |||||||||
Other receivable-a related party | 738 | - | - | |||||||||
Total current assets | 177,566 | 137,420 | 19,650 | |||||||||
Non-current assets: | ||||||||||||
Property, plant and equipment, net | 255,164 | 236,812 | 33,863 | |||||||||
Land use rights, net | 7,930 | 7,673 | 1,097 | |||||||||
Intangible assets, net | 14,850 | 47,084 | 6,732 | |||||||||
Right-of-use assets, net | - | 469 | 67 | |||||||||
Long-term prepayments | 18,698 | 7,014 | 1,003 | |||||||||
Deferred IPO expenses | 8,048 | - | - | |||||||||
Net deferred tax assets | 10,991 | - | - | |||||||||
Total non-current assets | 315,681 | 299,052 | 42,762 | |||||||||
Total assets | 493,247 | 436,472 | 62,412 | |||||||||
LIABILITIES AND SHAREHOLDERS' EQUITY | ||||||||||||
Current liabilities: | ||||||||||||
Short-term loans | 74,443 | 65,100 | 9,309 | |||||||||
Current maturities of long-term loans | 7,190 | 700 | 100 | |||||||||
Operating lease liability-current | - | 106 | 15 | |||||||||
Accounts payable | 42,960 | 44,010 | 6,296 | |||||||||
Contract liabilities | 3,485 | 4,752 | 680 | |||||||||
Taxes payable | 2,066 | 2,345 | 335 | |||||||||
Amount due to related parties | 146 | - | - | |||||||||
Accrued expenses and other liabilities | 5,617 | 3,463 | 495 | |||||||||
Total current liabilities | 135,907 | 120,476 | 17,230 | |||||||||
Non-current liabilities: | ||||||||||||
Long-term loans | 4,800 | 8,850 | 1,266 | |||||||||
Operating lease liability-non-current | - | 327 | 47 | |||||||||
Deferred tax liabilities | - | 104 | 15 | |||||||||
Total non-current liabilities | 4,800 | 9,281 | 1,328 | |||||||||
Total liabilities | 140,707 | 129,757 | 18,558 | |||||||||
Commitments and contingencies | ||||||||||||
Shareholders' equity: | ||||||||||||
Class A ordinary shares ( | 1 | 1 | - | |||||||||
Class B ordinary shares ( | 7 | 7 | 1 | |||||||||
Additional paid-in capital | 203,150 | 240,752 | 34,427 | |||||||||
Statutory reserves | 32,647 | 32,647 | 4,668 | |||||||||
Retained earnings (deficit) | 48,151 | (21,633) | (3,099) | |||||||||
Accumulated other comprehensive income | 3 | (1,926) | (275) | |||||||||
Total Zhengye Biotechnology Holding Limited's shareholders' equity | 283,959 | 249,848 | 35,722 | |||||||||
Noncontrolling interests | 68,581 | 56,867 | 8,132 | |||||||||
Total equity | 352,540 | 306,715 | 43,854 | |||||||||
Total liabilities and equity | 493,247 | 436,472 | 62,412 | |||||||||
* As of December 31, 2025, share reclassification was retroactively restated with effective date of March 24, 2026 | ||||||||||||
ZHENGYE BIOTECHNOLOGY HOLDING LIMITED | ||||||||||||||||
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME | ||||||||||||||||
(Amounts in thousands of RMB and US$, except for number of shares and per share data) | ||||||||||||||||
For the years ended December 31, | ||||||||||||||||
2023 | 2024 | 2025 | ||||||||||||||
RMB | RMB | RMB | USD | |||||||||||||
Net revenues | 211,651 | 186,356 | 116,362 | 16,639 | ||||||||||||
Cost of revenues | (94,143) | (95,061) | (92,493) | (13,227) | ||||||||||||
Gross profit | 117,508 | 91,295 | 23,869 | 3,412 | ||||||||||||
Sales and marketing expenses | (40,743) | (41,269) | (43,918) | (6,280) | ||||||||||||
General and administrative expenses | (23,592) | (22,575) | (31,006) | (4,434) | ||||||||||||
Research and development expenses | (11,901) | (12,794) | (18,013) | (2,576) | ||||||||||||
Reversal of (provision for) credit losses | 3,714 | 1,782 | (1,438) | (206) | ||||||||||||
Total operating expenses | (72,522) | (74,856) | (94,375) | (13,496) | ||||||||||||
Operating income (loss) | 44,986 | 16,439 | (70,506) | (10,084) | ||||||||||||
Other income (expenses): | ||||||||||||||||
Interest income | 312 | 231 | 96 | 14 | ||||||||||||
Interest expense | (4,423) | (4,043) | (3,400) | (486) | ||||||||||||
Unrealized gains on short-term investments | - | 209 | 127 | 18 | ||||||||||||
Unrealized foreign exchange gain (loss) | - | 679 | (312) | (45) | ||||||||||||
Government subsidy | 2,653 | 733 | 2,252 | 322 | ||||||||||||
Other expenses (income) | 234 | 146 | (130) | (19) | ||||||||||||
Total other expenses, net | (1,224) | (2,045) | (1,367) | (196) | ||||||||||||
Income (loss) before income taxes | 43,762 | 14,394 | (71,873) | (10,280) | ||||||||||||
Income tax expenses | (6,253) | (924) | (11,095) | (1,587) | ||||||||||||
Net income (loss) | 37,509 | 13,470 | (82,968) | (11,867) | ||||||||||||
Net (income) loss attributable to noncontrolling | (6,052) | (2,159) | 13,184 | 1,885 | ||||||||||||
Net income (loss) attributable to the Zhengye | 31,457 | 11,311 | (69,784) | (9,982) | ||||||||||||
Comprehensive income (loss) | ||||||||||||||||
Net income (loss) | 37,509 | 13,470 | (82,968) | (11,867) | ||||||||||||
Other comprehensive income (loss) | ||||||||||||||||
Foreign currency translation adjustment | - | 3 | (1,929) | (275) | ||||||||||||
Total comprehensive income (loss) | 37,509 | 13,473 | (84,897) | (12,142) | ||||||||||||
Total comprehensive (income) loss attributable to | (6,052) | (2,159) | 13,184 | 1,885 | ||||||||||||
Total comprehensive income (loss) attributable to | 31,457 | 11,314 | (71,713) | (10,257) | ||||||||||||
Earnings (loss) per share: | ||||||||||||||||
-Basic and diluted – Class A Ordinary shares | 0.69 | 0.25 | (1.47) | (0.21) | ||||||||||||
-Basic and diluted – Class B Ordinary shares | 0.69 | 0.25 | (1.47) | (0.21) | ||||||||||||
Weighted average shares outstanding used in | ||||||||||||||||
Ordinary shares – basic and diluted | 45,666,376 | 45,666,376 | 47,349,869 | 47,349,869 | ||||||||||||
Basic and diluted – Class A Ordinary shares* | 5,666,376 | 5,666,376 | 7,349,869 | 7,349,869 | ||||||||||||
Basic and diluted – Class B Ordinary shares* | 40,000,000 | 40,000,000 | 40,000,000 | 40,000,000 | ||||||||||||
* As of December 31, 2025, share reclassification was retroactively restated with effective date of March 24, 2026. | ||||||||||||||||
ZHENGYE BIOTECHNOLOGY HOLDING LIMITED | ||||||||||||||||
CONSOLIDATED STATEMENTS OF CASH FLOWS | ||||||||||||||||
(Amounts in thousands of RMB and US$, except for number of shares) | ||||||||||||||||
For the years ended December 31, | ||||||||||||||||
2023 | 2024 | 2025 | ||||||||||||||
RMB | RMB | RMB | US$ | |||||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES | ||||||||||||||||
Net income (loss) | 37,509 | 13,470 | (82,968) | (11,867) | ||||||||||||
Adjustments to reconcile net income (loss) to net cash | ||||||||||||||||
Depreciation and amortization | 23,912 | 24,163 | 25,883 | 3,702 | ||||||||||||
Amortization of operating lease right-of-use assets | - | - | 72 | 10 | ||||||||||||
Provision for (reversal of) credit losses | (3,714) | (1,782) | 1,438 | 206 | ||||||||||||
Impairment for inventory | 10,026 | 5,962 | 12,801 | 1,831 | ||||||||||||
Loss on disposal of property and equipment | 187 | 174 | - | - | ||||||||||||
Deferred tax expenses | 541 | 924 | 11,095 | 1,587 | ||||||||||||
Unrealized gains on short-term investments | - | (209) | (127) | (18) | ||||||||||||
Unrealized foreign exchange (gain) loss | - | (679) | 312 | 45 | ||||||||||||
Changes in operating assets and liabilities: | ||||||||||||||||
Notes receivable | 8,310 | (3,752) | 20,962 | 2,998 | ||||||||||||
Accounts receivable | 31,044 | 16,345 | 39,709 | 5,678 | ||||||||||||
Advance to suppliers | (619) | (7,677) | 1,979 | 283 | ||||||||||||
Inventories | (12,902) | (5,882) | 6,252 | 894 | ||||||||||||
Prepayments and other current assets | (563) | (1,283) | (23,306) | (3,333) | ||||||||||||
Other receivable-a related party | (738) | - | 738 | 106 | ||||||||||||
Operating leases liabilities | - | - | (108) | (15) | ||||||||||||
Accounts payable | (35,613) | (404) | (3,362) | (478) | ||||||||||||
Taxes payable | (7,702) | (229) | 279 | 40 | ||||||||||||
Contract liabilities | (715) | (400) | 1,267 | 182 | ||||||||||||
Accrued expense and other liabilities | (582) | 2,698 | 417 | 60 | ||||||||||||
Other payables – non-current | (197) | (393) | - | - | ||||||||||||
Net cash provided by operating activities | 48,184 | 41,046 | 13,333 | 1,911 | ||||||||||||
CASH FLOWS FROM INVESTING ACTIVITIES | ||||||||||||||||
Loans to related party | - | - | (7,000) | (1,001) | ||||||||||||
Repayment of lending to related party | - | - | 7,000 | 1,001 | ||||||||||||
Purchase of short-term investments | (1,224) | - | - | - | ||||||||||||
Purchase of property, plant and equipment | (7,396) | (13,587) | (1,008) | (144) | ||||||||||||
Prepayment for purchase of intangible assets | (4,204) | (14,186) | (11,622) | (1,662) | ||||||||||||
Proceeds from disposal of property, plant and | 1,059 | 108 | - | - | ||||||||||||
Net cash used in investing activities | (11,765) | (27,665) | (12,630) | (1,806) | ||||||||||||
CASH FLOWS FROM FINANCING ACTIVITIES | ||||||||||||||||
Proceeds from loans | 79,860 | 90,122 | 70,468 | 10,077 | ||||||||||||
Repayment of loans | (54,890) | (92,860) | (82,562) | (11,806) | ||||||||||||
Repayment of related parties | - | - | (146) | (20) | ||||||||||||
Proceeds from related parties | - | 146 | - | - | ||||||||||||
Dividend payment to shareholders | (39,452) | (16,023) | - | - | ||||||||||||
Deferred IPO expenses | (4,497) | (3,514) | - | - | ||||||||||||
Proceeds from initial public offering | - | - | 43,080 | 6,160 | ||||||||||||
Shareholder contribution | - | - | 1,470 | 210 | ||||||||||||
Net cash provided by (used in) financing activities | (18,979) | (22,129) | 32,310 | 4,621 | ||||||||||||
Effect of exchange rate changes on cash | - | 168 | (1,285) | (190) | ||||||||||||
Net increase (decrease) in cash and restricted cash | 17,440 | (8,580) | 31,728 | 4,536 | ||||||||||||
Cash and restricted cash at beginning of year | 9,746 | 27,186 | 18,606 | 2,661 | ||||||||||||
Cash and restricted cash at end of year | 27,186 | 18,606 | 50,334 | 7,197 | ||||||||||||
SUPPLEMENTAL DISCLOSURE OF CASH | ||||||||||||||||
Cash paid for: | ||||||||||||||||
Interest | 4,423 | 3,985 | 3,356 | 480 | ||||||||||||
Income taxes | 10,486 | 116 | - | - | ||||||||||||
NON-CASH INVESTING AND FINANCING | ||||||||||||||||
Liabilities assumed in connection with purchase of | 2,345 | 8,633 | 1,101 | 157 | ||||||||||||
Liabilities assumed in connection with purchase of | - | - | 3,602 | 515 | ||||||||||||
Right of use assets obtained in exchange for operating | - | - | 541 | 77 | ||||||||||||
Reclassification of IPO expenses into additional paid-in | - | - | 8,663 | 1,239 | ||||||||||||
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SOURCE Zhengye Biotechnology Holding Limited